KUALA LUMPUR (June 10): Tanco Holdings Bhd (KL:TANCO) fell to its lower-limit again on Wednesday as investors continued to dump shares of the property developer.
The stock plunged as much as 30 sen, the maximum allowed decline for a stock under RM1 in a single day, less than 30 minutes after the opening bell. Tanco did not recover since then and ended the day at 50 sen as close to 38 million shares changed hands.
Tanco did not respond to queries from The Edge regarding the latest decline in its share price.
Wednesday’s decline would mark the third straight day that Tanco hit its limit-down. The sharp fall also triggered a suspension of intraday short selling that happens automatically when a stock drops more than 15% or 15 sen from the previous day’s closing price.
Group managing director Datuk Seri Andrew Tan Jun Suan was a net buyer of Tanco shares on Wednesday. Exchange filings on Bursa Malaysia showed he purchased 15.27 million shares or a 0.253% stake via a direct business transaction married deal — where buyer and seller are known to each other.
The block of shares was bought at RM1.05, higher by 18 sen or 20.69% than the intraday high of 87 sen, valuing the block at an estimated RM16.04 million, even as the stock was hitting its third day of consecutive limit-down.
He then sold two million shares, or a 0.033% stake, in the open market at 50.7 sen, which is valued at an estimated RM1.01 million.
This brings his direct stake in Tanco to 18.96% while his indirect stake via TJN Capital Sdn Bhd stood at 24.62%.
The sell-off since the start of June has wiped out about RM7.73 billion in Tanco’s value and its market capitalisation stood at just a little over RM3 billion based on its last price.
Tanco’s fall comes on the heels of its equally rapid rise. Shares of Tanco climbed more than 50% since the year began up until the end of May and on top of the 41% gain recorded in 2025.
On Tuesday (June 9), Tanco announced its entry into data centre development via a memorandum of understanding with China Mobile International Ltd to explore the development of a 50MW facility in Port Dickson, Negeri Sembilan.
Tanco also disclosed Jun Suan sold 24.63 million shares, representing a 0.41% stake, via a direct business transaction.
The shares were transacted at RM1.555 — a premium to the market price — valuing the block at RM38.29 million.
Meanwhile, his younger brother Edwin Tan Kium Suan acquired 7.64 million shares at Tuesday’s low of 78.5 sen.
Tanco has been asked twice this year by Bursa Malaysia to explain unusual market activity in its shares. On Monday, the company replied that there were “endeavours at the stage of being discussed or negotiated” though the matter was not ready to be announced.
The company also drew the attention of the exchange on April 20 following an unusual price surge, though the company attributed it to news reports on a proposed container port project in Port Dickson and denied any undisclosed corporate developments.